to-the-point: Genex gets 1st revenue from 50-MW Kidston solar project
Kidston Solar Project (Phase One). Source: Genex Power Ltd (www.genexpower.com.au)
Australian developer Genex Power Ltd (ASX:GNX) said on Monday it has generated its first revenue from the 50-MW Kidston Stage 1 solar project in Queensland.
The project has started feeding electricity into National Electricity Market (NEM) and will complete its commissioning over the coming months. A 20-year revenue support deed with the Queensland government will commence once generation has been ramped up to full capacity.
The achievement also marks the first revenue for Genex as a company. "This transition from a development company to generating operational cash flows will serve to strengthen our financial position as we seek to reach financial close for our Kidston Stage Two Projects in 2018," said Genex's managing director Michael Addison.